FINANCIAL NEWS

Saudi tourism sector to grow USD14.88b in 2012: Report

12 Apr 2012

(MENAFN) An international report expected Saudi Arabia’s travel and tourism industry to make an important contribution to the oil-rich kingdom’s GDP this year, the Saudi Gazette reported.

Companies in both Saudi Arabia and the Gulf Cooperation Council (GCC) involved in the industry will develop their services in expectation of robust growth, the newspaper said.

The report, issued by the World Board of Travel and Tourism, estimated the sector’s growth at USD14.88 billion in 2012, compared to USD10.37 billion in 2009.

The report also said that industry is expected to contribute 2.9 percent of the GDP this year, compared to 2.7 percent in 2009.

According to Business Monitor International (BMI), the number of tourists heading to Saudi Arabia is expected to reach 15.8 million by 2014, up from around 13 million in 2010.

Companies in both Saudi Arabia and the Gulf Cooperation Council (GCC) involved in the industry will develop their services in expectation of robust growth.

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